Ford's Q2 net income decreased 4.7% to $1.83bn due to increased warranty and recall costs.
Ford's Q2 net income fell 4.7% to $1.83bn due to rising warranty and recall costs, particularly in its combustion-engine unit. Warranty and recall costs for Q2 amounted to $2.3bn, $800m more than Q1 and $700m more than the same quarter last year. Ford maintained its full-year guidance for pretax income at $10bn to $12bn. The automaker's shares plunged in after-hours trading following the report, which also caused the company to miss Wall Street estimates for adjusted earnings per share.
July 24, 2024
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